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Indices snap 5-day losing streak; Sensex ends 641 pts higher, Nifty above 14,700

Stock market today: Rising bond yields have spooked equity markets. (Photo: AP)Premium
Stock market today: Rising bond yields have spooked equity markets. (Photo: AP)

  • Market closing: Having opened deep in the red, benchmark indices recouped losses in the afternoon trade led by FMCG stocks. Sensex touched a high of 50,003.58 and low of 48,586.93 today. Nifty moved in the 14,350.10-14,788.25 range

Tracking global peers, Indian equity indices had traded lower earlier in the day but then recovered led by FMCG stocks. Nifty surged past 14,700 while the Sensex tested the 50K level. Barring realty, all Nifty sectoral indices rose.

19 Mar 2021, 03:47:03 PM IST

Sensex rallies 641.7 points, Nifty ends above 14,700

Sensex and Nifty ended higher in choppy trade on Friday, having closed lower for five straight days, led by gains across the board.

The Nifty50 closed 186 points or 1.28% higher at 14,744, while the 30-share Sensex advanced 641.72 points, or 1.3% to end at 49,858.

Small and midcap indices also rebounded to close around 1% higher each. Barring realty, all Nifty sectoral indices ended in the green led by FMCG, metals and pharma indices.

On the Nifty50 index, HUL, NTPC, JSW Steel, UPL and Tata Steel were the top gainers while Tech Mahindra, L&T, Bajaj Auto, Coal India, and Titan Company led losses.

Sensex stocks at closing on 19 March.
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Sensex stocks at closing on 19 March.
19 Mar 2021, 03:24:28 PM IST

India launches Rs10 apiece LED bulb for rural areas

Power and new and renewable energy minister Raj Kumar Singh on Friday launched an ambitious scheme, offering LED bulbs in rural areas at Rs10 per piece, without any government support or subsidy.

The lowest globally priced LED bulb offered by state-owned Energy Efficiency Services Ltd’s subsidiary Convergence Energy Services Ltd (CESL) by leveraging scale, comes as a boost for the AtmaNirbhar Bharat playbook.

It will also give India’s climate change strategy a shot in the arm under the Gram UJALA (Unnat Jyoti by Affordable Lighting for All) scheme.

19 Mar 2021, 03:22:02 PM IST

Barring realty, all Nifty sectoral indices turn positive

Nifty sectoral indices.
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Nifty sectoral indices.
19 Mar 2021, 03:20:25 PM IST

Fitch affirms Tata Chemicals at 'BB+'; outlook stable:

19 Mar 2021, 03:08:48 PM IST

Aarti drugs approves buyback at Rs1000/share

The board has approved a buyback of up to 6,00,000 fully paid-up equity shares of face value of Rs10 each of the company, representing up to 0.64% of the total number of equity shares, at a price of Rs1,000 per share (including premium of Rs990/- per equity share) payable in cash for an aggregate amount of up to Rs60 crore.

19 Mar 2021, 03:07:03 PM IST

Nifty check

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19 Mar 2021, 03:05:00 PM IST

Market at this hour

BSE indices.
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BSE indices.
19 Mar 2021, 02:53:25 PM IST

Indian brand Lava eyeing comeback in tablet segment, launches three devices starting at ₹9,499

19 Mar 2021, 02:52:31 PM IST

Why the retail loan story never dies for India’s bankers

The covid-19 pandemic has brought a slowdown in the most promising loan segment for India’s banks: retail. But bankers are far from turning sour on them.

The pandemic forced Indians to curtail their spending and brought to a grinding halt a decadal growth spree in retail lending. But analysts and bankers believe that the recovery in growth will be quicker in retail. Analysts at Kotak Institutional Equities drew on the trends of other countries and pointed out that retail loans have performed better over longer periods despite short-term shocks.

"Within the loan segments that are likely to resume growth, we are still optimistic on the retail segment. The corporate loan book will grow but significant consolidation in the asset-heavy industries towards a few strong players limits this opportunity," they wrote in a note.

19 Mar 2021, 02:46:14 PM IST

US 10-year bond yield slumps to 1.67% vs Thursday's high of 1.75%

19 Mar 2021, 02:43:18 PM IST

RDIF, Strides Pharma's biopharma division partner to supply 200 million doses of the Sputnik V vaccine: BSE filing

The Russian Direct Investment Fund (RDIF, Russia’s sovereign wealth fund), and Stelis Biopharma Pvt. Ltd., the biopharmaceutical division of Strides, a global pharmaceutical company headquartered in India, have partnered to produce, and supply a minimum of 200 million doses of the Russian Sputnik V vaccine against coronavirus sufficient to vaccinate 100 million people.

19 Mar 2021, 02:28:26 PM IST

Centre urges Delhi HC to restrain WhatsApp from implementing its new privacy policy and terms of service: PTI

19 Mar 2021, 02:21:20 PM IST

MCA to carry out physical verification of Edelweiss ARC’s books of account on 26 March: CNBC TV18

19 Mar 2021, 02:18:01 PM IST

Captive mines to be allowed to sell upto 50% of the mineral over and above plan: CNBC TV18

CNBC TV18 on Twitter.
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CNBC TV18 on Twitter.
19 Mar 2021, 02:03:49 PM IST

Manappuram Finance approves fund raising for FY22

The company has approved fund raising for FY22, and will issue NCDs worth up to Rs6,000 crore during the upcoming financial year.

19 Mar 2021, 02:02:27 PM IST

Markets at this hour

BSE indices.
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BSE indices.
19 Mar 2021, 02:00:54 PM IST

European stocks slide at open on inflation fears

European stock markets slid at the open on Friday, following sharp losses in Asia and overnight on Wall Street due to escalating fears that high inflation could hinder economic recovery from the pandemic.

London's benchmark FTSE 100 index shed 1.2% to 6,698.58 points.

In the eurozone, Frankfurt's DAX 30 index lost 0.6% to 14,694.95 points, while the Paris CAC 40 retreated 0.7% to 6,019.31.

19 Mar 2021, 01:59:37 PM IST

BOJ widens yield target band, pledges to buy risky assets only when needed

The Bank of Japan on Friday maintained its negative interest rate and tweaked its monetary easing programme as it battles to boost inflation and shore up the pandemic-hit economy.

The adjustment, which marginally expands the fluctuation in long-term rates for 10-year bonds that the bank will accept, is seen as a potential forerunner to further tweaks in policy.

The bank also said it would allow more flexibility in its stock purchases, dropping a target for its intervention in the Tokyo stock market, which has strongly recovered since crashing in spring 2020 as the pandemic began to bite.

19 Mar 2021, 01:43:11 PM IST

Twitter seeks public input on ways to handle world leaders on its platform

19 Mar 2021, 01:42:54 PM IST

Vodafone Idea launches payment, recharges through WhatsApp

Vodafone Idea Ltd has launched a digital payments service using which its prepaid and postpaid customers can pay bills and recharge, the company said in a statement on Friday.

The service, called the virtual agent VIC, will enable transactions across all gateways or Unified Payments Interface (UPI).

The digital service will also allow payments and recharges through WhatsApp, and will be available on all of company’s digital assets, the telecom operator said.

19 Mar 2021, 01:27:39 PM IST

Nazra Technologies subscribed 20 times so far

19 Mar 2021, 01:27:32 PM IST

Suryoday Small Finance Bank IPO subscribed 1.32 times so far

19 Mar 2021, 01:26:10 PM IST

P-notes investment climbs to 33-month high at Rs91,658 cr in Feb: PTI

Investments through participatory notes (P-notes) in the Indian capital market rose to 91,658 crore at February-end, making it the highest level in 33 months, suggesting growing confidence of overseas investors.

P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process.

According to Sebi data, the value of P-note investments in Indian markets -- equity, debt and hybrid securities – increased to 91,658 crore in February-end from 84,916 crore at January-end.

Prior to that, the investment level was at 87,132 crore in December-end.

19 Mar 2021, 01:19:37 PM IST

Easy Trip IPO: Relying on grey market premium works, until it doesn’t

Investors in Indian initial public offerings (IPO) thought they had figured a sure shot way of finding good bets. All they had to do was look at the indicated listing price of an IPO in the grey market, and bid accordingly.

Based on this logic, Easy Trip Planners was considered a sure winner. The grey market indicated a listing price of over Rs310 apiece, or about 70% higher than the IPO issue price. So high net worth investors were willing to pay a financing fee of over Rs100 per share and bid for the shares, nearly certain that the price indicated in the grey market will hold when the shares list for trading on stock exchanges. The issue was oversubscribed by as much as 160 times, a record in the Indian markets. (Read here)

19 Mar 2021, 01:17:43 PM IST

Bharat Dynamics signs contract with defence ministry

Bharat Dynamics has signed a contract with the Union defence ministry for 4,960 anti-tank guided missiles for Rs1,188 crore. The contract between company and defence ministry for anti-tank missiles is a repeat order.

19 Mar 2021, 01:16:41 PM IST

New scrappage policy to boost sales of commercial vehicles

India’s new vehicle scrappage policy is likely boost sales of heavy and medium commercial vehicles which have been struggling over the last two years.

The industry has been urging the Centre to come up with an incentive-based scrappage policy to boost sales of such heavy vehicles.

Sales of commercial vehicles has been contracting since 2018 as a result of economic slowdown triggered by the bankruptcy of IL&FS and revised load carrying norms which led to more than 20% increase in freight carrying capacity of trucks.

Covid-19 pandemic also hit sales of trucks and buses.

19 Mar 2021, 01:07:34 PM IST

HC asks Centre to reply to plea challenging new rules for digital media: PTI

The Delhi High Court on Friday sought the Centre's response on a plea challenging the new Information Technology rules which seek to regulate digital news media.

A bench of Chief Justice D N Patel and Justice Jasmeet Singh issued notices to the Ministry of Electronics and Information Technology and the Ministry of Information and Broadcasting and granted them time to file their responses.

The court listed the plea filed by Quint Digital Media Ltd for further hearing on April 16, along with another similar petition which was filed earlier by the Foundation for Independent Journalism and The Wire.

According to amended IT rules, social media and streaming companies will be required to take down contentious content quicker, appoint grievance redressal officers and assist in investigations

19 Mar 2021, 01:03:25 PM IST

Gainers/losers on Nifty50

Nifty stocks.
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Nifty stocks.
19 Mar 2021, 12:53:34 PM IST

Bajaj Finance worst hit stock on Sensex

Bajaj Finance.
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Bajaj Finance.
19 Mar 2021, 12:19:58 PM IST

MCA curtails non-executive directors’ pay in loss making companies

The government has introduced limits that companies with losses or insufficient profits can pay to independent or non-executive directors, as part of efforts to improve corporate governance standards. The new limits and a provision in the Companies Act to prescribe such ceiling were notified late on Thursday.

The notification sets the limits on remuneration other than board meeting sitting fee of non-executive or independent directors of companies with no or insufficient profits from Rs12 lakh to a little more than Rs24 lakh a year depending on what is defined as the effective capital of the company.

19 Mar 2021, 12:14:04 PM IST

Adani Enterprises arm bags road project from NHAI

Adani Road Transport Limited (ARTL) led consortium has received a letter of award for the first part of bundle (5 A-1) from NHAI for a road project in Gujarat.

Adani Road Transport is the wholly-owned subsidiary of Adani Enterprises.

Adani Enterprises.
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Adani Enterprises.
19 Mar 2021, 11:51:06 AM IST

BPCL divestment sees progress but multiple steps remain: Fitch

Even as the state-run refiner Bharat Petroleum Corporation Ltd (BPCL), has finalised the terms to purchase Oman Oil Company's 36.6% stake in Bina refinery for Rs24 billion, sold 5.8% of its 7.3% treasury shares for Rs55 billion, and has approved the sale of its 61.7% stake in Numaligarh Refinery for Rs99 billion in March, multiple steps of its stake sale process remain outstanding, according to Fitch Ratings.

"BPCL has made headway on a key pre-condition to its divestment and other key milestones over the last six weeks, however, there is still little information about bidders, valuations or potential restrictions for the new owner in relation to employee protection, asset stripping and investment lock-in," said Fitch Ratings in a note on Friday.

19 Mar 2021, 11:37:38 AM IST

HDFC Bank's MSME book grows 30% to cross ₹2 trillion-mark: PTI

HDFC Bank's MSME book grew 30 per cent year-on-year to cross the 2-lakh-crore-mark as of December-end, mainly boosted by the pandemic-induced ECLG scheme under which it disbursed over 23,000 crore.

The growth is also driven by a renewed push towards customers in semi-urban and rural areas, the bank has said.

19 Mar 2021, 11:36:03 AM IST

Oil extend losses amid gloomy demand outlook

Oil prices fell on Friday for a sixth day in a row, down nearly 9% for the week, as a new wave of covid-19 infections, in particular across Europe, spurred fresh lockdowns and dampened hopes for an imminent recovery in fuel demand.

U.S. West Texas Intermediate (WTI) crude fell 4 cents, or 0.07%, to $59.96 a barrel. Brent crude was down 10 cents, or 0.16%, to $63.18 a barrel.

19 Mar 2021, 11:14:04 AM IST

India considers net-zero emissions target by 2050: Bloomberg

Top Indian government officials are debating whether to set a target for net-zero greenhouse gas emissions by 2050. Doing so would mean an overhaul of a coal-reliant energy sector, transport, heavy industry and even the nation’s sluggish bureaucracy.

All that must be achieved while the world’s third-biggest emitter also meets the aspirations of 1.4 billion people for faster economic development, which will only happen with an accelerated pace of industrialization and energy demand.

(Read here)

19 Mar 2021, 11:10:23 AM IST

Nifty FMCG surges most among sectoral indices

Nifty FMCG index.
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Nifty FMCG index.
19 Mar 2021, 11:03:10 AM IST

Sensex erases earlier losses, trades higher

19 Mar 2021, 10:52:20 AM IST

Nifty Metal among worst hit sectoral indices

Nifty Metal index.
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Nifty Metal index.
19 Mar 2021, 10:50:28 AM IST

M&M Finance shows grit in collections, but growth is yet to improve

Shares of Mahindra & Mahindra Financial Services Ltd have outperformed the broader market since January, rising over 13% despite its headline asset quality numbers being weak for the December quarter.

When the company detailed its quarterly results on 28 January, it showed a net loss of 270 crore against expectations of a profit. Needless to say, the shares had dropped sharply in response to these numbers. But since then, the stock has been on an uptrend and analysts said the outlook on asset quality has improved. (Read here)

19 Mar 2021, 10:43:51 AM IST

Nifty technicals: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking:

Last two day’s decline in Nifty and other key indices was the outcome of the overall selling happening in the individual stocks. With Thursday's move, Nifty is back to its post budget gap that was created around 14470 – 14330. Let’s see how things pan out as we move closer to the monthly expiry week. For the coming session, 14630 followed by 14700 would be seen as intraday resistances; whereas on the lower side, a sustainable breach below 14470 would open the floodgates for an extended correction.

The banking index has been the major culprits in all in-between corrections recently and continues to remain so. Apart from this, the broader market too seemed to have lost its charm as we can see it trading at the cusp of the ‘Rising Wedge’ pattern on the daily chart. Traders are repeatedly advised to stay light and avoid taking aggressive bets (especially on the long side) for a while.

19 Mar 2021, 10:39:07 AM IST

Angel Borking on Shriram City Union Finance

Shriram City Union Finance is part of the Shriram group and is in the high margin business of lending to small businesses which account for 57.3% of the loan book as of end FY20. The company posted a good set of number s for the quarter due to positive surprise on the asset quality front. It reported a strong 50% sequential growth in disbursement for the quarter which led to a 3.7% sequential growth AUM to Rs28,500 crore.

We are positive on the company as we believe that the worst is over in terms of asset quality which along with positive growth momentum should lead to a rerating for the company.

Target price - Rs1,800 apiece.

Shriram City Union Finance on BSE.
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Shriram City Union Finance on BSE.
19 Mar 2021, 10:26:57 AM IST

Facebook to take down groups that violate community guidelines

19 Mar 2021, 10:18:06 AM IST

Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The breaking of 14700 has proved fatal. As expected, the Nifty has dropped to 14400 levels which is a good support. What needs to be seen is if we respect this level and bounce back. If we crack these levels, we should drop to 14000. On the upside, the resistance level is at 15100 and until we do not get past that, the markets will remain bearish and any up move is an opportunity to go short.

19 Mar 2021, 10:11:40 AM IST

Easy Trip Planners shares list at 13% premium

Online travel agency Easy Trip Planners listed at a premium of 13.5% on the stock exchanges on Friday.

The stock listed at Rs212.25 apiece on the National Stock Exchange, up Rs25 from the issue price of Rs187, while on the BSE, it started off the day at Rs206.

19 Mar 2021, 10:09:22 AM IST

India rupee opens at 72.58 per dollar vs Thursday's close of 72.53/$

19 Mar 2021, 10:00:46 AM IST

RIL, HDFC twins drag down Sensex

Sensex contributors.
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Sensex contributors.
19 Mar 2021, 09:44:45 AM IST

Gainers/losers on Sensex at this hour

Sensex stocks.
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Sensex stocks.
19 Mar 2021, 09:40:45 AM IST

All sectoral indices in the red

Nifty sectoral indices.
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Nifty sectoral indices.
19 Mar 2021, 09:29:41 AM IST

Future Retail tanks in opening deals Inc. won relief in a see-saw legal battle with Kishore Biyani’s Future Group after the Delhi high court on Thursday ordered Future Retail Ltd not to take any further steps to sell its assets to Mukesh Ambani’s Reliance Industries Ltd.

The single-judge bench of Justice J.R. Midha ruled that Future Retail has “wilfully violated Singapore International Arbitration Centre’s (SIAC’s) emergency order", holding that the tribunal’s ruling is legally enforceable in India under the country’s arbitration law.

Future Retail on BSE.
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Future Retail on BSE.
19 Mar 2021, 09:20:30 AM IST

Nifty at open

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19 Mar 2021, 09:19:59 AM IST

Markets at open

BSE indices.
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BSE indices.
19 Mar 2021, 09:11:58 AM IST

Gainers/losers on Sensex at pre-open

Sensex stocks.
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Sensex stocks.
19 Mar 2021, 09:05:33 AM IST

Nifty at pre-open

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19 Mar 2021, 09:04:22 AM IST

Markets at pre-open

BSE indices.
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BSE indices.
19 Mar 2021, 08:50:24 AM IST

Markets may continue to see sell-off; Future group, Bharti, auto stocks in focus

The sell-off in Indian markets will likely to continue on Friday, with the SGX Nifty futures suggesting a weak start for domestic benchmark indices. On Thursday, the BSE Sensex slipped 585.10 points or 1.17% closing at 49,216.52. The Nifty was down 163.45 points or 1.11% to end at 14,557.85.

Asian share markets fell on Friday as a spike in global bond yields soured sentiment for richly priced tech stocks, while a stampede out of crowded positions in crude oil caused the sharpest setback in months.

19 Mar 2021, 08:31:44 AM IST

Sebi amends qualification norms for portfolio managers, investment advisers, research analysts: PTI

Markets regulator Securities and Exchange Board of India (Sebi) has notified new regulations for portfolio managers, investment advisers and research analysts with regard to their qualifications.

The move will help recognise "the post graduate programme in securities market of not less than one year offered by NISM" as eligible qualification for portfolio managers, investment advisers and research analysts, according to Sebi.

19 Mar 2021, 08:16:29 AM IST

Easy Trip Planners to list on bourses today

The Rs510 crore issue, open from 8-10 March, received bids for 240.27 crore shares against 1.50 crore on offer. The retail portion was subscribed 70.40 times, the category meant for qualified institutional buyers (QIBs) 77.53 times, while that set aside for non-institutional investors was subscribe 382.21 times.

19 Mar 2021, 08:11:31 AM IST

Nifty view: Shrikant Chouhan, executive vice president, Equity Technical Research at Kotak Securities

"We are of the view that, the bears are still in total control but intraday chart showing temporary pause near 14500/48900 levels, hence, bears may prefer to take caution stance near 50 day SMA. Technically, the index still maintains lower high and lower low series which suggest medium term weakness. However, on intraday charts the index is in to the oversold zone and expected to trade near 50 day SMA for the next few trading sessions at 14750/49963 levels that would be sacrosanct level. Trading below the same, correction wave is likely to continue till 14450-14460/48890-48700. On the flip side, 14750/49963 could be the immediate hurdle, sustain above the same then we can expect quick relief rally up to 14850-14900/50100-50300 levels."

19 Mar 2021, 07:53:56 AM IST

Stocks to Watch

Shares of Future Group, RIL, Airtel, auto companies, insurance firms, among others will be in focus today.

19 Mar 2021, 07:52:50 AM IST

SGX Nifty futures signal negative start

Nifty futures on the Singapore Exchange traded -108.50 points, or 0.74%, lower at 14,495.50, indicating a negative start for Indian benchmarks on Friday.

19 Mar 2021, 07:48:56 AM IST

Moody's raises India FY22 growth forecast to 13.7% from 10.8%

Rating agency Moody's on Thursday raised India's growth projection for the next financial year, beginning 1 April, to 13.7% from 10.8% estimated earlier.

The revised numbers came on the back of normalisation of activity and growing confidence in the market with the rollout of Covid-19 vaccines.

For the current fiscal, the agency expects the economy to contract 7%, lower than its previous estimate of 10.6% contraction.

19 Mar 2021, 07:44:42 AM IST

AstraZeneca covid vaccine not directly linked to blood clots: European regulator

After a preliminary review of the safety data of AstraZeneca plc’s covid-19 vaccine, the European Medicines Agency on Thursday said that the jab is not directly associated with an increase in the overall risk of blood clots, but said that further analysis is required to prove whether there is an indirect link.

“Close safety monitoring of reports of blood clotting disorders will continue, and further studies are being instituted to provide more laboratory data as well as real-world evidence," the EMA said in a statement on Thursday, while adding that the panel which conducted the review—Pharmacovigilance Risk Assessment Committee—will conduct similar reviews of risks for other vaccines as well. (Read here)

19 Mar 2021, 07:43:43 AM IST

Delhi HC restrains Future, upholds SIAC ruling Inc. won relief in a see-saw legal battle with Kishore Biyani’s Future Group after the Delhi high court on Thursday ordered Future Retail Ltd not to take any further steps to sell its assets to Mukesh Ambani’s Reliance Industries Ltd.

The single-judge bench of Justice J.R. Midha ruled that Future Retail has “wilfully violated Singapore International Arbitration Centre’s (SIAC’s) emergency order", holding that the tribunal’s ruling is legally enforceable in India under the country’s arbitration law. (Read here)

19 Mar 2021, 07:42:24 AM IST

Oil price check

Oil prices fell on Friday, extending losses for a sixth day as a new wave of covid-19 infections wash across Europe, spurring new lockdowns and dampening hopes for a recovery in demand for fuels anytime soon.

Prices plunged the most on Thursday since last summer, leaving oil down nearly 10% this week with the reality that the pandemic is abiding, even if infections have plummeted in the U.S., the worst-hit country and biggest crude consumer.

In Asian deals on Friday, US crude fell below $60 again and to trade at $59.97 a barrel. Brent crude was off by 1 cent at $63.27.

19 Mar 2021, 06:58:55 AM IST

Asian equities fall tracking US stocks

Asian equities declined following their US peers lower, while oil prices slumped and Treasury yields touched the highest levels in more than a year as the Federal Reserve’s tolerant stance on inflation unnerved investors.

Crude prices extended Thursday’s decline of more than 7%, due partly to concerns that new virus-related curbs in Europe will sap demand. U.S. Treasury yields steadied after a spike drove the 10-year benchmark to 1.75% for the first time since January 2020. The dollar held its gains from the prior day.

Japan’s Topix Index was down 0.4%, and Australia’s S&P/ASX 200 Index fell 0.8%. Hong Kong’s Hang Seng Index futures dropped 0.7% earlier.

19 Mar 2021, 06:56:21 AM IST

Surge in bond yields pull down US stocks; oil prices slump

Benchmark U.S. Treasury yields hit 14-month peaks on Thursday, putting fresh pressure on technology stocks, as markets reversed some moves from their initial reactions to the Federal Reserve's policy statement a day earlier.

The dollar rallied, helping drive a sharp drop in oil prices. Prices also took a beating after the US Energy Information Administration released data showing crude stocks had reached their highest point since early December.

That added to anxiety over the troubled rollout of the AstraZeneca Covid-19 vaccine in Europe, as markets feared European economies could be set for months more of business restrictions.

Brent crude fell 6.9% to $63.28 per-barrel, while West Texas Intermediate: was down 7.1% at $60.00 per-barrel.

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